CAP en Español
Small CAP Banner

STATEMENT: Julia Gordon on the Johnson-Crapo Housing Finance Reform Draft Bill

  • print icon
  • SHARE:
  • Facebook icon
  • Twitter icon
  • Share on Google+
  • Email icon

Contact: Katie Peters
Phone: 202.741.6285

Washington, D.C. — Last night, the Senate Committee on Banking, Housing, and Urban Affairs released a 442-page discussion draft of legislation to overhaul the nation’s housing finance system. The draft bill would wind down Fannie Mae and Freddie Mac and replace them with a system under which the government would provide an explicit and priced backstop to private mortgage-backed securities that meet certain standards.

Julia Gordon, Director of Housing Finance and Policy at the Center for American Progress, released the following statement:

We commend Sens. Tim Johnson (D-SD) and Mike Crapo (R-ID) and committee staff for developing a comprehensive and thoughtful draft bill based on many hours of expert testimony and detailed input from an extensive array of stakeholders. The bill reflects a growing consensus around the government’s critical role in ensuring access to safe and sustainable homeownership for America’s families. Importantly, it charges the new system with facilitating the broad availability of mortgage credit to all markets and all eligible borrowers throughout all business cycles. As we analyze the draft, we’ll be looking to see whether the proposed structure can effectively accomplish that core mission.

CAP released its own proposal for housing finance reform in January 2011 and has remained extensively engaged in policy development in this area. Relevant publications include:

To speak with a CAP housing policy expert, contact Katie Peters at or 202.741.6285.



To speak with our experts on this topic, please contact:

Print: Liz Bartolomeo (poverty, health care)
202.481.8151 or

Print: Tom Caiazza (foreign policy, energy and environment, LGBT issues, gun-violence prevention)
202.481.7141 or

Print: Allison Preiss (economy, education)
202.478.6331 or

Print: Tanya Arditi (immigration, Progress 2050, race issues, demographics, criminal justice, Legal Progress)
202.741.6258 or

Print: Chelsea Kiene (women's issues,, faith)
202.478.5328 or

Print: Beatriz Lopez (Center for American Progress Action Fund)
202.741.6255 or

Spanish-language and ethnic media: Rafael Medina
202.478.5313 or

TV: Rachel Rosen
202.483.2675 or

Radio: Sally Tucker
202.481.8103 or